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The SAS Group Traffic Figures July 2007

· Total load factor increased 0.1 p.u. to 80.7%, which is the highest recorded for the SAS Group.

· SAS Group capacity increased by 8.3% in July and traffic increased 8.5% vs 2006.

Group market trends and yield development SAS Group carried 3.6 million passengers in July, up 9%. On a 12 months basis the Group has carried 40.4 million passengers. The traffic increased by 8.5% during July and capacity was up 8.3%. Load factor was marginally improved.

Yield for Scandinavian Airlines in June was slightly lower than indicated and was up 5.2%. The yield is positively affected by good capacity control, active yield management and positive effects from the new commercial initiatives launched in March. In July 2007 the change in yield is expected to be broadly in line with June.

The total market continues to grow and yield environment is favorable. There are still uncertainties regarding the strength of future growth as well as the competitive situation and development of jet fuel prices.

Intercontinental capacity decreased 3.6% and traffic by 1% in July. SAS Group European traffic increased by 13.8% in line with capacity growth. airBaltic's traffic increased by a strong 54%. Spanair continued to grow and traffic increased by 19.6% with an improved load factor. Blue1's traffic increased by 6% and capacity was up 3%.